When most people think about risk management, they imagine that it has something to do with factoring in potential problems that come from some kind of financial deal. For example, before moving forward, you will want to assess the amount of risk involved to make sure that it’s a worthwhile investment. But what about when talking about projects and delivery? It may surprise you to learn that using a risk management tool transcends business and can become a necessary part of any company’s strategy for success. Whether it’s an internal…read more

As soon as you complete a risk management plan, the next step to completely mitigate risks is to make sure you have a risk register. A risk register is essentially a tool to help you reduce those risks. It is a small part of a much larger contingency plan. It also acts as a reference document for everyone involved in the project from stakeholders right down to every project manager. It not only identifies the risks, but it communicates what these risks are to everybody – along with the potential…read more

Risk management is constantly evolving. Newer technology may have the ability to eliminate some risks, but they present us with new ones. Essentially, we will never be able to fully rid ourselves of risk on any given project. There will always be a risk of spending too much, poor decision making or poor outcomes. Every project carries its own set of risk – sometimes to the tune of millions of dollars. The Importance of a Risk Breakdown Structure The entire point of risk management is to mitigate risks. Since we…read more